social media giant snap inc SNAP is disbanding its Web3 team amid company-wide layoffs, according to a prominent member of that team.
What happened: Reports surfaced earlier this week that the Snapchat parents planned Cut 20% of the workforcewho joins a cohort of tech companies such as Tesla Inc TSLA and Shopify Inc SHOP who have announced layoffs in the past six months.
The report indicated that certain departments would be more affected than others, including the AR/VR and hardware departments. program manager Jake Scheinman announced in a tweet that the company’s Web3 division would be one of the first to be officially dissolved.
After ~4 years at @snap, Today is my last day. As a result of the corporate reorganization, decisions were made to hire our web3 team. The same team I founded last year along with other pirates who believed in digital property and the role AR can play to support it.
1/2
— Jake Sheinman (@jakeryanshein) August 31, 2022
“I’m honored to have worked with the smartest builders, the most creative artists, and the kindest people,” Sheinman said on Twitter.
“Today was tough and I will miss this place very much, but I am thankful for everything. I will take some time to myself in the coming weeks but am open to discussing new opportunities.”
gasoline ga reached out to Snap to confirm Sheinman’s statements, but had received no response at the time of publication.
Snap’s stock is down 80% year-to-date. The company announced that suboptimal sales from $1.11 billion last quarter, with earnings also falling short of analysts’ estimates.
“While the continued growth of our community enhances the long-term opportunity for our company, our second quarter financial results do not reflect our ambition,” said the CEO Eva Spiegel back then.
Price promotion: SNAP shares traded 1.03% lower after the close. The crypto market recorded an increase of 0.48% in the last 24 hours. Bitcoin BTC/USD was traded at $20,048 and ether
